Del Mar 1/20/2010 9:00:00 PM
USOG’s Turnbull To Exceed Expectations
Delivers excellent performance
Del Mar, CA – Turnbull Oil, the United States Oil & Gas Corp (USOG) subsidiary is expected to post strong financials for 2009. This after the company released its fourth quarter results from 2009 recently.
Turnbull generated $4.400,000 in sales revenue and posted $278 000 in earnings before interest, taxes, depreciation and amortization. The annual audit for the full year 2009 are busy being finalized by a certified Public Company accounting Oversight Board and will be available when ready.
Alex Tawse, CEO of USOG, commented: "Turnbull's sales exceeded forecasts in large part due to increased demand for its fuels as colder weather gripped much of the Midwest. Despite missing five business days due to winter storms, Turnbull was able to deliver another excellent performance. Because it has strong and consistent margins on its fuels and a relatively large, established customer base, the business is able to turn a profit and increase revenue even in a down economy. We are extremely proud of USOG's growth to date and have targeted a third acquisition of a regional oil and gas distribution company by year-end
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Enterra Energy Trust (USA) (NYSE:ENT)
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